Property Valuation
A Wyoming appraiser values ranch land by using comparable land sales. The subject property is 500 acres. Which approach is most appropriate?
AIncome approach
BCost approach
CSales comparison approach✓ Correct
DGross rent multiplier approach
Explanation
For vacant land, the sales comparison approach using comparable land sales is the most appropriate appraisal method. The cost and income approaches are better suited to improved or income-producing properties.
Related Wyoming Property Valuation Questions
- The principle of 'substitution' underlies which appraisal approach?
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